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Earnings transcript
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STLD
Steel Dynamics, Inc.
$180.2
-2.65
(-1.45%)
| Exchange: | NASDAQ |
| Market Cap: | 26.108B |
| Shares Outstanding: | 128.387M |
About The Company
| Sector: | Basic Materials | |||||
| Industry: | Steel | |||||
| CEO: | Mark D. Millett | |||||
| Full Time Employees: | 13000 | |||||
| Address: |
| |||||
| Website: | https://www.steeldynamics.com |
Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars. The company also engages in turning, polishing, straightening, chamfering, threading, precision saw-cutting, and heat treating of bar products; and cutting to length, straightening, hole punching, shot blasting, welding, galvanizing, and coating of specialty products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets. This segment sells directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations segment purchases, processes, and resells ferrous and nonferrous scrap metals into reusable forms and grades. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. This segment also provides transportation logistics, marketing, brokerage, and scrap management services. The Steel Fabrication Operations segment produces non-residential steel building components, such as steel joists, girders, trusses, and steel deck products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18,795,316 | 17,540,390 | 18,176,581 |
| Gross Profit | 4,045,883 | 2,802,586 | 2,364,280 |
| EBITDA | 3,733,231 | 2,518,135 | 2,114,404 |
| Operating Income | 3,151,181 | 1,943,037 | 1,475,986 |
| Net Income | 2,450,882 | 1,537,134 | 1,185,595 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 14,908,420 | 14,935,233 | 16,412,854 |
| Total Liabilities | 6,068,893 | 5,989,987 | 7,482,443 |
| Total Stockholders Equity | 8,866,666 | 8,934,287 | 8,957,182 |
| Total Debt | 3,071,056 | 3,345,339 | 4,211,163 |
| Cash and Cash Equivalents | 1,400,887 | 589,464 | 769,878 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 3,519,928 | 1,844,503 | 1,449,534 |
| Capital Expenditure | -1,657,905 | -1,868,006 | -948,025 |
| Free Cash Flow | 1,862,023 | -23,503 | 501,509 |
| Net Income | 2,450,882 | 1,549,956 | 1,185,595 |
| Net Change in Cash | -227,455 | -811,454 | 180,414 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 21,619,633.653 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 25,643,048.071 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 23,942,319.377 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 4,134,011.517 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 4,903,351.175 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 4,578,145.294 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 2,165,218.826 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 2,706,495.707 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 2,477,693.839 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 767,679.645 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 910,544.848 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 850,154.611 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 16.700 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 18.240 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 14.590 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 5 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: Steel Dynamics reported a net income of $299 million in Q2 2025, reflecting strong profitability despite market challenges, as highlighted in the earnings call transcript. Key metrics such as roeTTM and netProfitMarginTTM indicate efficient capital utilization and healthy margins compared to industry benchmarks.
- Operational Resilience: The earnings call emphasized the company’s ability to maintain stable operations amid volatile steel pricing, supported by consistent revenue streams as seen in the Income Statements data. Strong freeCashFlowYieldTTM further demonstrates capacity to fund operations and shareholder returns.
- Commitment to Shareholder Returns: A competitive dividendYieldTTM and a history of netDividendsPaid (from Cash Flow Statements) underscore STLD’s focus on delivering value to investors, enhancing its appeal in the sector.
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Common questions about STLD valuation
Is Steel Dynamics, Inc. (STLD) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Steel Dynamics, Inc. (STLD) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is STLD a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether STLD trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is STLD’s P/E ratio?
You can see STLD’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for STLD?
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Is STLD a good long-term investment?
Whether STLD fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
STLD
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Daily snapshot
-1.45
Trading Metrics:
| Open: | 180.04 | Previous Close: | 182.85 | |
| Day Low: | 177.8 | Day High: | 184.25 | |
| Year Low: | 103.17 | Year High: | 208.47 | |
| Price Avg 50: | 184.57 | Price Avg 200: | ||
| Volume: | Average Volume: |
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